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Speaker 1: Bloomberg Audio Studios, podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm John Tucker. Here

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Speaker 2: are these stories we're following today.

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Speaker 3: John, the s and P five hundreds coming into the

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Speaker 3: day on a five day winning streak. Another inflation report

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Speaker 3: did little to alter bets that the FED will start

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Speaker 3: cutting rates in September. Laura Raim is chief economist at

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Speaker 3: FS Investments.

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Speaker 4: I think they will cut twenty five. I think that

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Speaker 4: given today's context, a fifty basis point where it cut

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Speaker 4: would not be a bad idea, just to correct for

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Speaker 4: the fact that they've made progress on inflation.

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Speaker 5: They've got room.

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Speaker 4: They're five to twenty five. They could take us down

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Speaker 4: fifty basis points. However, I think they are worried that

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Speaker 4: would signal big trouble to markets.

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Speaker 3: FS Investments chief economist Laura ram says she is in

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Speaker 3: favor of front loading rate cuts over the next few meetings.

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Speaker 2: And the consumer is going to be in focus. This morning,

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Speaker 2: we'll get the July reading on retail sales. The forecast

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Speaker 2: is for a gain of four tenths of a percent.

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Speaker 2: Also before the opening bill, earnings from the world's biggest

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Speaker 2: retailer and Bloomberg's Tom BUSNY previews Walmart earnings.

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Speaker 6: Well because of steady inflation pressures and higher borrowing costs.

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Speaker 6: Investors expect to see comp sales at Walmart rose by

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Speaker 6: about three point four percent last quarter as consumers look

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Speaker 6: for bargains not just on groceries but also electronics, clothing,

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Speaker 6: and more. Walmart also had been pursuing faster growing areas

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Speaker 6: like advertising and marketplace, so Bloomberg consensus calls for revenue

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Speaker 6: of one hundred sixty eight point four to six billion,

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Speaker 6: adjustin Ernix per share of sixty five cents tom busby Bloomberg.

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Speaker 3: Radio Okay, Tom, thank you. In Europe, the UK maintained

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Speaker 3: a steady pace of recovery from last year's recession. Gross

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Speaker 3: domestic product in Britain rose six tenths of one percent

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Speaker 3: in the second quarter, after a seven tenths percent gain

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Speaker 3: in the first three months of the year.

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Speaker 2: And plenty of economic news out of Asia overnight. Japan's

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Speaker 2: economy grew faster in the second quarter than the analysts forecast,

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Speaker 2: and China saw signs of stabilization that included slowing declines

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Speaker 2: in home prices and better than I expended retail sales.

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Speaker 3: Now John to a developing story tied to this year's

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Speaker 3: campus protests over the war in the Middle East, the

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Speaker 3: president of one of the universities at the epicenter of

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Speaker 3: the demonstrations has resigned. Bloomberg's Kimberly Adams has the details

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Speaker 3: from New York.

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Speaker 1: Columbia University President Manu Shaffik says she's stepping down effective immediately.

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Speaker 1: In a statement, she says it's been a period of turmoil,

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Speaker 1: and after reflecting over the summer, she's decided that moving

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Speaker 1: on will best enable Columbia to traverse the challenges ahead.

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Speaker 1: Schaffik's departure comes less than three weeks before classes begin

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Speaker 1: at Columbia, signaling there may be more turmoil ahead. Schaffique

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Speaker 1: called police to remove campus protesters at the end of

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Speaker 1: last school year. Columbia's board says it regretfully accept Shaffik's resignation.

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Speaker 1: House speaker Mike Johnson, who visited in April to condemn

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Speaker 1: campus anti semitism, says her departure is long overdue. In

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Speaker 1: New York, Emberly Adams Bloomberg.

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Speaker 2: Radio, all right, thanks, Kimberly. In the Middle East today,

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Speaker 2: Gaza cease fire talks are center a zoom and cutter.

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Speaker 2: Israel is sending a team Doha to meet with US,

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Speaker 2: Katori and Egyptian mediators. Hamas is not taking part, but

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Speaker 2: sources say the Iran back group will be briefed afterward.

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Speaker 2: Mediators have spent months on a three phase plan where

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Speaker 2: Hamas would release hostages, Israel would pull out of Gaza,

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Speaker 2: and Palestinians would be released from prisons. Axios is reporting

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Speaker 2: former President Trump spoke with the Israeli Prime Minister Benjaminette

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Speaker 2: Yahoo about the deal yesterday.

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Speaker 3: And as for Vice President Kamala Harris, she's shifting her

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Speaker 3: focus to the economy with a call for a federal

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Speaker 3: ban on food and grocery price gouging. The Harris campaign

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Speaker 3: says it's part of a broader set of proposals to

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Speaker 3: reduce consumer costs. She plans to direct the Federal Trade

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Speaker 3: Commission and other agencies to investigate and penalized corporations that

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Speaker 3: violate the rules and to find other ways of tackling

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Speaker 3: price fixing and other anti competitive practices in the food

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Speaker 3: and grocery industries.

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Speaker 2: And former President Trump downplaying the significant of the economy

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Speaker 2: as he shifts campaign strategy. More from Bloomberg's and Baxter.

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Speaker 7: Trump has traditionally had an advantage when it comes to

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Speaker 7: the economy as an election issue, but campaigning in North Carolina,

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Speaker 7: talking about his age, he said they wanted to do

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Speaker 7: a speech on the economy. They say it's the most

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Speaker 7: important subject. I'm not so sure it is. Then he

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Speaker 7: went on to say inflation is the most important, but

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Speaker 7: then at it, that's part of the economy. He also

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Speaker 7: seemed to change his mind on the Affordable Care Act.

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Speaker 7: She goes around saying, well, he's going to get rid.

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Speaker 6: Of the health No.

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Speaker 2: No, I'm going to keep it unless we could come

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Speaker 2: up with something that's better for you and less expensive

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Speaker 2: for you.

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Speaker 7: Otherwise we're not doing it. Congressional Republicans have tried to

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Speaker 7: repeal it, ed Baxter Bloomberg Radio.

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Speaker 3: All right, and thank you. The two vice presidential candidates

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Speaker 3: maybe closing in on a debate. Fox News is reporting

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Speaker 3: Republican jd Vance has agreed to debate Democrat Tim Waltz.

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Speaker 3: On CBS October first, Vance told Fox quote, actually, I

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Speaker 3: think we should do more than one debate.

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Speaker 2: And turning back to the market, Snathan shares of Cisco

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Speaker 2: Systems up more than six percent. The biggest maker of

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Speaker 2: computer networking equipment, delivered a bullish revenue forecast for the

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Speaker 2: current period thanks to a rebounded orders. The company also

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Speaker 2: announced plans to cut thousands of jobs as part of

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Speaker 2: a strategy shift.

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Speaker 3: We're also watching shares of aul to Beauty this morning, John,

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Speaker 3: they are soaring nearly seventeen percent. Warren Buffett's Berkshire Hathaway

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Speaker 3: disclosed a small stake in the retail cosmetics chain during

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Speaker 3: the second quarter. Billionaire also took up a position in

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Speaker 3: aerospace company Hiko, and that stock is up more than

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Speaker 3: four percent. Buffett also added to his position in Serious

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Speaker 3: ExM and that stock is hire by more than nine

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Speaker 3: and a half percent, and a note Bloomberg Radio provides

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Speaker 3: programming to Serious XM satellite radio.

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Speaker 2: And shares of Nike at more than three percent. Bill

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Speaker 2: Ackman's Pershing Square Capital disclosed a newstake of about three

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Speaker 2: million shares in the world's largest sportswear company.

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Speaker 3: Overall, John Hedge Funds continued to buy into some of

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Speaker 3: the biggest tech companies in the second quarter, including Apple,

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Speaker 3: while trimming positions in Nvidia. They also boosted exposures to

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Speaker 3: other AI related firms like Amazon and Taiwan Semiconductor. Michael

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Speaker 3: Burry continued to boost his steak in China's tech giant

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Speaker 3: Ali Baba while slashing his overall equity portfolio and half

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Speaker 3: Microsoft was cut or reduced by one hundred and forty investors.

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Speaker 3: That was the biggest such reduction.

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Speaker 2: And a big charitable gift from the parents of the

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Speaker 2: world's second richest person. Jeff Bezos's parents, Mike and Jackie,

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Speaker 2: donated more than one hundred and eighty five million dollars

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Speaker 2: to the Aspen Institute this week to establish a new

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Speaker 2: setter focused on young people. Jeff Bezos is a net

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Speaker 2: worth of one hundred ninety three billion dollars. That's according

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Speaker 2: to the Bloomberg Billionaires Index, and that burns US to

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Speaker 2: five o seven on Wall Street. Time down for a

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Speaker 2: look at some of the other stories making news in

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Speaker 2: New York and around the world, and for that we're

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Speaker 2: joined by Bloomberg's Michael Barr.

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Speaker 8: Thank you very much. John. The US government's landmark drug

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Speaker 8: price negotiations will save Americans seven point five billion dollars

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Speaker 8: in its inaugural year. That's according to the Biden administration,

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Speaker 8: who says it's a first step toward driving down costs

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Speaker 8: by reducing its world leading tab to pharmaceutical companies. The

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Speaker 8: Centers for Medicare and Medicaid Services say the savings will

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Speaker 8: be split between senior citizens, who will likely pay one

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Speaker 8: point five billion dollars less and out of pocket costs

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Speaker 8: for ten medications. The government, as its health insurance program

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Speaker 8: for the elderly, will pay six billion dollars less to

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Speaker 8: treat heart failure, blood clots, diabetes, and other conditions. In

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Speaker 8: twenty twenty six, the World Health Organization has declared a

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Speaker 8: global public health emergency over the spread of impox cases

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Speaker 8: in Africa. Health officials say the virus, formerly known as

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Speaker 8: monkey pox, is spread through close contact with an infected person, animal,

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Speaker 8: or material. Doctor John Brownstein is at Harvard Medical School.

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Speaker 9: The Democratic Republic of Congo an escalation of cases, over

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Speaker 9: fifteen thousand cases, over five hundred deaths, and we see

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Speaker 9: a rapid spread not just in that country, but in

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Speaker 9: neighboring country.

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Speaker 8: Dr Brownstein spoke to ABC. An outbreak here in the

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Speaker 8: US in twenty twenty two was largely brought under control.

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Speaker 8: New Jersey Governor Phil Murphy will appoint his former chief

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Speaker 8: of staff to replace Senator Bob Menendez, who was convicted

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Speaker 8: on federal corruption charges last month. According to people familiar

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Speaker 8: with the matter, the appointment of George Helmy, a fellow Democrat,

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Speaker 8: will be announced tomorrow. The move insurers Democrats maintained their

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Speaker 8: narrow fifty one forty nine Senate majority. Benendez last month

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Speaker 8: announced he would resign effect of August twentieth, after Democratic

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Speaker 8: colleagues threatened to expel him following the conviction. Ukraine is

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Speaker 8: continuing its offensive endto Russia, gaining hundreds of square miles

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Speaker 8: of Russian territory. This is the first time Russia has

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Speaker 8: been invaded by another nation's World War Two. Former US

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Speaker 8: Ambassador to Russia, John Sullivan ano.

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Speaker 10: They're surprised by the Ukrainians. We've seen it time and

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Speaker 10: time again over the course of this war, whether it

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Speaker 10: was resisting the initial Russian invasion, sinking the Russian black

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Speaker 10: Sea flagship, and now this invasion of Russia itself.

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Speaker 8: Ukraine has now opened a hot line for Russian residents

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Speaker 8: who want to evacuate to Ukraine. Meanwhile, a senior Russian

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Speaker 8: military official is vowing to launch an all out offensive.

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Speaker 8: Global News twenty four hours a day and whenever you

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Speaker 8: want it with the Bloomberg News. Now, Michael Barran, this

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Speaker 8: is Bloomberg, John, Michael, thanks yeah, now five ten Wall Street. Haam,

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Speaker 8: that's time with the Bloomberg Sports Update.

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Speaker 2: For that. Here's John stenshio Art.

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Speaker 11: All right, John, Aaron Judge has been on the verge

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Speaker 11: of a milestone, and he reached it eighth and eight

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Speaker 11: in Chicago three zero.

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Speaker 5: Judge shies it deep field.

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Speaker 1: Quay back and gone goodbye.

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Speaker 2: On a three old bitch.

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Speaker 3: Judge Laser's home run number three hundred the fastest ever

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Speaker 3: to hit that mark.

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Speaker 11: On Wfan three run shot off the White Sox Chad Call.

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Speaker 11: Judge's forty third home run this season, and he reaches

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Speaker 11: three hundreds for his career way faster than anyone else.

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Speaker 11: The record was the Pirates. Ralph Kine, of the longtime

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Speaker 11: Mets announcer. He reached three hundred in one thousand and

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Speaker 11: eighty seven games. Judge got there in nine hundred and

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Speaker 11: fifty five. Austin Wells also homer at three hits, drove

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Speaker 11: in three another home run for Juan Soto after three

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Speaker 11: the night before the Yanks pulled away late beat the

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Speaker 11: White Sox ten to two. Mets also pulled away late

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Speaker 11: at City Field, six runs seventh in in the nine

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Speaker 11: to one rout of Oakland to end of four game

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Speaker 11: losing streak. Pete Alonzo four hits, including his twenty six

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Speaker 11: home run. Francisco Lindor hit his twenty third. Atlanta won

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Speaker 11: thirteen to two at San Francisco. Michael Harris has been

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Speaker 11: out two months. His first at bat in his return

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Speaker 11: a first dying in Grand Slam, Red Sox blew a

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Speaker 11: three run ninth inning lead, lost to Texas nine seven

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Speaker 11: and ten Baltimore by Washington four to one. Eighth straight

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Speaker 11: win for Houston. Arizona and San Diego both stay hot

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Speaker 11: in the NLS. Both were five hundred teams at the

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Speaker 11: All Star break just last month, and they're now sixteen

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Speaker 11: games four. Several NFL players either holding out or at

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Speaker 11: least unhappy with their contracts. One of them was Matthew Judon.

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Speaker 11: In New England, the Patriots have traded their four time

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Speaker 11: Pro Bowl linebacker to Atlanta for a third round pick.

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Speaker 11: Viking's rookie quarterback JJ McCarthy went in for knee surgery,

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Speaker 11: not believed to be season ending, but a worse injury

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Speaker 11: was revealed McCarthy won't play.

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Speaker 1: At all this season.

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Speaker 11: John Stashlee that we're Bloomberg Sports, Johnner, Nathan.

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Speaker 8: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 8: and around the world on Bloomberg dot Com and the

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Speaker 8: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning on Nathan Hager. It's a sudden announcement now

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Speaker 3: that the campus protests that rocked the country earlier this

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Speaker 3: year have died down, But the president of one of

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Speaker 3: the universities at the center of the turmoil, Minut Cheffique

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Speaker 3: of Columbia University, has resigned, effective immediately. It could be

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Speaker 3: a sign of more turmoil to come as new fall

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Speaker 3: classes are set to begin. Joining us for more Bloomberg

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Speaker 3: New Senior Editor Bill Ferries, Bill, good morning. You do

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Speaker 3: have to wonder what sparked this decision to step down now,

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Speaker 3: less than three weeks before classes get back up at Columbia.

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Speaker 12: Yeah, President Schaffique was really still basically, you know, only

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Speaker 12: about a year into her term there, and I'm sure

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Speaker 12: it was a far more challenging year than she probably expected.

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Speaker 12: You know, these these protests in some ways, given the

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Speaker 12: news flow. It seems like it was quite a while ago,

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Speaker 12: but we're really just talking about really April, late April.

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Speaker 5: And even into early May, and it's the end of

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Speaker 5: the school year.

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Speaker 12: And then those a lot of those broke you know,

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Speaker 12: those protests broke up as police were called in and

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Speaker 12: students basically went home for the summer. The students are

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Speaker 12: coming back now, and there are some you know, questions

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Speaker 12: or concerns about whether those pro Palestinian protests will start

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Speaker 12: up again, whether they will paralyze these campuses.

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Speaker 5: But Shaffik is the.

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Speaker 12: Third of the third Ivy League president to depart from

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Speaker 12: you know, as kind of a result of all the

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Speaker 12: turmoil we saw on the campuses at the end of

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Speaker 12: the school year.

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Speaker 3: And and I wonder if we've gotten some hint about whether

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Speaker 3: we could see more campus protest on the campaign trail.

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Speaker 3: I mean, Vice President Harris, just embarking on her new

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Speaker 3: presidential campaign, has had to deal with some pro Palestinian

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Speaker 3: hecklers at some of her rallies she.

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Speaker 12: Has, I mean, for the you know, the Democrats, as

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Speaker 12: we've talked about before, they really kind of threading a

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Speaker 12: narrow needle here on the pale the conflict between Israel

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Speaker 12: and palestineident Vice President Harris has come out and said

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Speaker 12: that she thinks there needs to be a peace deal now.

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Speaker 12: Of course, negotiators have been trying to talk about a

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Speaker 12: peace deal, try to reach agreement for literally several month

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Speaker 12: months now, and it doesn't seem like things are all

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Speaker 12: that much closer. And at this point, the Mid East

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Speaker 12: is also an even more tension awaiting a potential Iranian

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Speaker 12: response to the killing of the Hamas political leader in

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Speaker 12: Tehran just a couple of weeks ago.

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Speaker 3: Yeah, and even as all this is going on, it's

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Speaker 3: like presidential candidates sort of have to spend plates, I mean,

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Speaker 3: Vice President Harris this week is trying to put focus

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Speaker 3: on her economic agenda and the rollout of her vision

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Speaker 3: for the economy.

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Speaker 5: Yeah, she is.

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Speaker 12: Vice President Harris expected to give kind of the first

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Speaker 12: major policy speech on the economy Friday in North Carolina,

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Speaker 12: which you know, interestingly enough, is a place both campaigns

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Speaker 12: seem to be putting a lot more time and money into.

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Speaker 12: We got a little hint of what might be in

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Speaker 12: that speech late Wednesday night. The campaign said that she

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Speaker 12: is going to talk about trying to put trying to

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Speaker 12: go after what she called price gouging among food and

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Speaker 12: grocery stores that she says has kind of contributed to

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Speaker 12: some of the price increases we've seen in recent years. Inflation,

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Speaker 12: of course, has been something that hurt President Joe Biden,

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Speaker 12: and voters continue to say they have more confidence in

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Speaker 12: former President Trump's ability to manage the economy. So I

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Speaker 12: think this is Vice President Harris's attempt to start to

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Speaker 12: get ahead of that a little bit.

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Speaker 3: It makes it all the more interesting in our last

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Speaker 3: thirty seconds that when former President Trump was in North

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Speaker 3: Carolina himself just yesterday, he was talking about the economy,

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Speaker 3: but kind of saying, well, maybe I don't want to

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Speaker 3: talk about the economy.

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Speaker 12: Yeah, it's a hard one to figure. I mean, voters

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Speaker 12: give him higher marks on it. He said that maybe

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Speaker 12: that's not the biggest issue anymore.

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Speaker 5: Inflation isn't.

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Speaker 12: I mean, of course, inflation has come down, but many

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Speaker 12: voters or most voters would still say that.

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Speaker 5: Prices seem quite high.

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Speaker 12: So it does seem like a winning issue for the

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Speaker 12: former president right now.

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Speaker 5: It's not clear why he would want to walk away

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Speaker 5: from that.

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Speaker 3: This is Bloomberg Daybreak Today, your morning brief on the

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Speaker 3: stories making news from Wall Street to Washington and beyond.

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